It Ain’t Argentina This Time
The International Monetary Fund, the darling lending institution of neoliberal capitalists, believes that the US's current mortgage crisis is dragging down the world economy The IMF is predicting at least a two-year global economic downturn, led by the U credit crunch, that also has a gambling chance of turning into a "global recession".
The International Monetary Fund, the darling lending institution of neoliberal capitalists, believes that the U.S.’s current mortgage crisis is dragging down the world economy. The IMF is predicting at least a two-year global economic downturn, led by the U.S. credit crunch, that also has a gambling chance of turning into a “global recession.”
Wait, before you go…BBC:
In its latest economic forecast, the IMF says that world economic growth will slow to 3.7% in 2008 and 2009, 1.25% lower than growth in 2007.
The downturn will be led by the US, which the IMF believes will go into a “mild recession” this year.
The IMF admits that the global downturn might be still more severe than it is currently predicting, and says that there is a one in four chance of a “global recession” when world growth falls below 3%.
“The financial market crisis that erupted in August 2007 has developed into the largest financial shock since the Great Depression,” the report says.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Support Truthdig
Harvey efforts expose lingering resentment over Sandy, underscoring regional divisions in a deeply divided GOP grappling with the crisis.
From the archives: The veteran social activist, drawing upon his own rude political awakening to the realities of Israeli and Middle East politics during the 1980s, warns that the Israel lobby in the US aims to roll back the clock and change the map of the region, and that its neoconservative supporters will probably try to use the current Middle East crisis to ignite a larger war against Hamas, Hezbollah, Syria and Iran
From the archives: The veteran social activist, drawing upon his own rude political awakening to the realities of Israeli and Middle East politics during the 1980s, warns that the Israel lobby in the U.
Ending down 16.23 percent by the end of Monday, Athens' stock market experienced its worst daily performance since at least 1985, when modern record keeping began.
Here’s a novel approach to the Greek financial crisis: A "Greek Bailout Fund" launched by an Englishman has received almost 30,000 donations.
An international disorder unmatched since the interwar 1930s has been created by the drama of Ukraine and the Russians, combined with the inherent self-destructive forces of the Israeli-Palestinian conflict, the developing civil war over theological as well as political issues inside the Islamic states, and the serious risk of collapse in the European Union.
People in power and bureaucrats seem exceptionally obtuse when it comes to recognizing that the world has changed and the old rules no longer apply.
There are currently no responses to this article.
Be the first to respond.